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NAIC Releases Receivership, State Data

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State insurance regulators are releasing 2 kinds of data: receivership statistics and information on state insurance department resources, according to the National Association of Insurance Commissioners, Kansas City, Mo.

The NAIC publicly released its Global Receivership Information database, known as GRID, which provides “a national clearinghouse for receivership information…”

The database will include information for more than 1,200 receiverships provided by the states and the District of Columbia. Information will include “receivership contact information, relevant court orders and docket numbers, ongoing tasks, distribution of assets, claims-liability details, business activity and deposits.”

GRID can be accessed via the NAIC’s Consumer Information Source at . The CIS database provides several basic types of licensing details and key financial data.

This release follows the recent release of information in the NAIC’s Insurance Department Resources Report, a survey that offers states comparative information on other states. The report is organized in 5 sections: staffing, budget and funding, examination and oversight, insurance producers and consumer services, and antifraud.

The report includes information such as the number of departmental staff and their functions, annual budgets, revenue flows, premium volume, the number of insurers and insurance producers and the number of consumer complaints and inquiries.

Among the findings in the report:

–Insurance premiums increased by 11.5% to $1.6 trillion in 2007 over 2006.

–The 5 states with the largest 2007 premiums written are California, New York, Texas, Florida and Pennsylvania, comprising a total of 39.6% of U.S. premium.

–There were a total of 7,773 domestic U.S. insurers in 2007.

–State insurance departments received more than 371,000 official complaints and 2.4 million inquiries.

Other data in the 86-page report include:


–Budget levels for fiscal year 2009 are expected to rise 1.8%.

–Budget totals for all states are expected to reach $1.5 billion for FY 2009 with New York contributing the largest piece of that total at $116.4 million.

–12 states reported decreases in their FY 2009 budgets.


–The state with the highest total revenues was California with $2,372,418,321, while Wyoming had the lowest with $29,773,617.

–Total taxes as a piece of total revenue were largest in California with $2,159,849,480, while Michigan had the lowest with $13,062,062.

–New York had the highest total for fees and assessments with $649,945,378 while Missouri had the low of $749,798.

–Fines and penalties totaled $11,411,539 in Pennsylvania and a low of $9,947 in New Mexico.

In 2007, for all states, 4,073 fines and 321 restitutions were levied against insurance producers, 15,899 licenses were suspended, and 1,463 licenses were revoked.

And in 2007, for those states that reported examinations, Florida had the highest number of market conduct exams with a total of 300, and New Mexico, South Dakota and Wisconsin reported a low of one.

The highest number of financial exams reported in 2007 was in Vermont with 146 exams and the lowest number was in Alabama with one exam.

Both hard and electronic copies of the NAIC’s IDRR report are available at either . or Document Link for an electronic version.


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